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That might point to a merger with a big bank.
Mr Cummings says a merger with a regional exchange is an option.
When a merger with a boys' school threatens, the girls fight for the school's identity.
Partners also looked for a way out through a merger with a stronger firm.
That sparked speculation about a sale or merger with a rival.
He also headed the company during a failed merger with a Swedish rival, Telia, in 1999.
Others say Morgan Stanley could seek a merger with a bank in the United States.
Mr. Hofmann has suggested that a merger with a foreign institution would be better for Commerzbank.
The company – now called Molson Coors after a merger with a Canadian brewer – started to backtrack.
Kerner is also exploring a possible merger with a onetime competitor, the Bill Schofield Group.
Despite the L.M.E.'s strong market position, analysts say the exchange could benefit from a merger with a larger exchange.
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